Discover more from Daily Digest
Tradeteq's Yieldteq Platform Unlocks Wall Street with Tokenized U.S. Treasuries
SEC's First NFT Enforcement Action, Argentina's Bitcoin Boom Outshines El Salvador, and Binance Mulls Russian Exit Amid Regulatory Heat
Welcome to Daily Digest, where we surface trending news in crypto-based on conversations we found on Twitter, news publications, blog posts, and other social media, powered by the Coinfeeds platform.
Here are the trending news items over the last 24 hours. If you’d like to see it’s realtime updated version, head over to our website here.
Have any followup questions, ask our bot at chat.coinfeeds.io.
Tokenized U.S. Treasuries Arrive to XDC Network
The market for tokenized U.S. Treasuries has grown nearly sixfold to $622 million this year, as real-world assets on blockchains keep expanding. Tokenized U.S. Treasuries have been introduced to the XDC Network by Tradeteq, a U.K.-based marketplace for private debt and real-world assets. The USTY tokens represent shares in a U.S. Treasury bond ETF and are available to professional investors on Tradeteq's Yieldteq platform. The tokenization of real-world assets, such as government bonds, is predicted to become a $5 trillion market.
Bitcoin's Most Loyal Holders Continue Accumulation Despite Price Lull
Long-term holders continue to accumulate bitcoin, with 40% unmoved in more than three years, or an all-time high for that metric. These holders are refraining from trading or using their bitcoin as collateral, suggesting optimism and resilience against market volatility. Data shows that 40% of long-term holders have not moved their bitcoin in over three years, an all-time high for this metric. However, newer long-term holders who acquired their positions during the bear market have shown unease and exited their positions during a price drop in July.
Bitcoin Adoption in Argentina Outpaces El Salvador
Bitcoin adoption in Argentina is surpassing that of El Salvador, according to Ark Invest. While El Salvador has made bitcoin legal tender, its actual adoption is low, with the exception of tourist destinations like Bitcoin Beach. The preference for the US dollar and bitcoin's price volatility are the main reasons for this cautious approach. In contrast, Argentina's soaring inflation and the rise of pro-bitcoin presidential candidate Javier Milei have fueled the country's adoption of bitcoin.
Twitter Obtains License for Cryptocurrency Payments
Twitter, now known as X, has obtained the Rhode Island Currency Transmission License, which is required for cryptocurrency payments. This license allows Twitter to offer virtual currency-related services such as storage, transfer, and exchange of digital assets. The license is necessary for any entity that handles virtual currency on behalf of others, including cryptocurrency wallets, exchanges, and payment processors.
Shibarium Wallets Surpass 100K After SHIB Devs Relaunch Bridge
Shibarium, a layer-2 blockchain for Shiba Inu (SHIB), has reached over 100,000 wallets on its platform, with 35,000 added within 24 hours of its relaunch. The lead developer of Shiba Inu confirmed the relaunch and stated that the number of wallets and transactions has significantly increased since then. The relaunch of Shibarium has positively impacted the price of SHIB, which increased by 3.6% in the last 24 hours.
DCG Reaches Agreement with Genesis Creditors
DCG, the parent company of Genesis Global Holdco, has reached an agreement with Genesis creditors to settle their claims. Genesis, which filed for bankruptcy protection in January, currently holds liabilities of $630 million in unsecured loans and a $1.1 billion unsecured promissory note. Under the agreement, DCG plans to take up new debt facilities and a repayment agreement, which could result in recoveries of up to 90% for unsecured creditors.
SEC Issues First Enforcement Action Targeting NFTs
The U.S. Securities and Exchange Commission (SEC) has taken its first enforcement action targeting non-fungible tokens (NFTs). The SEC ordered Impact Theory, a Los Angeles-based company, to compensate investors who purchased NFTs that were deemed to be illegal unregistered securities offerings. Impact Theory sold three tiers of NFT offerings, promising investors would profit from their purchases. The company has agreed to reimburse investors, destroy any remaining NFTs, and pay over $6.1 million in penalties.
US House Financial Services Members Scold Fed’s Powell for Stablecoin Bill Obstruction
The US House Financial Services Committee members have criticized Federal Reserve Chairman Jerome Powell for obstructing the stablecoin bill. In a letter, the legislators expressed their objection to two Fed letters that impose limitations on activities with crypto assets. They argued that these letters effectively prevent banks from issuing payment stablecoins and engaging in the stablecoin ecosystem.
Coinbase Investigates Empty Wallet Balances
Coinbase is investigating an issue where some users of its Wallet are seeing empty balances. The company assured users that their funds are secure and that they are working on a fix. The issue seems to be related to a display problem, and Coinbase has identified the cause and is implementing a solution.
Bitcoin May Hit $100K by Capturing ‘Even 2%–5% of Gold’s Market Cap’
Bitcoin may reach $100,000 by capturing a small percentage of gold's market cap, according to Hut8 VP Sue Ennis. Despite the belief that the upcoming Bitcoin halving event will drive the price to new highs, the lack of fresh inflow to the crypto market and current macroeconomic challenges cast doubt on this theory in the short-term.
The U.S. is Tracking Bitcoin Transactions of Mexican Cartels
The U.S. Department of Homeland Security is actively tracking Bitcoin transactions of Mexican cartels in an effort to combat drug trafficking. The cartels are using Bitcoin to engage in transactions for deadly drugs like fentanyl, which has caused numerous deaths in the U.S. The Department of Homeland Security is facing criticism for acting too late and not doing enough to address the ongoing drug epidemic.
Binance Considers a Full Exit from Russia
Binance, the world's largest cryptocurrency exchange, is considering a full exit from the Russian market due to legal risks, according to a spokesperson. The exchange is evaluating its options for its operations in Russia, including a complete withdrawal. This comes after Binance's peer-to-peer service removed five sanctioned Russian lenders from its site. The exchange is also facing regulatory trouble in the US, with lawsuits filed by the Commodities Futures Trading Commission and the Securities and Exchange Commission.
As always, stay tuned for more updates in crypto!